Gross domestic savings (current LCU) in Faroe Islands
Faroe Islands: Gross domestic savings (current LCU) was 8.81 billion current LCU in 2024. ◆ Volatile
Gross domestic savings in Faroe Islands, 1998–2024
Source: Country official statistics, National Statistical Organizations and/or Central Banks. Measured in current LCU.
Analysis
Faroe Islands recorded 8.81 billion current LCU for gross domestic savings in 2024.
Compared with earlier readings it is up 140.0% over ten years.
Over the whole period, gross domestic savings in Faroe Islands peaked at 8.81 billion current LCU in 2023 and was at its lowest, 543.10 million current LCU, in 2005.
Faroe Islands ranks 136th of 188 countries on this measure, in the middle of the range.
The series is highly variable year to year, so single readings are best treated with caution.
Gross domestic savings (current LCU) in Faroe Islands, year by year
| Year | current LCU | Change |
|---|---|---|
| 1998 | 1.76 billion current LCU | — |
| 1999 | 1.63 billion current LCU | -7.6% |
| 2000 | 1.98 billion current LCU | +21.6% |
| 2001 | 2.35 billion current LCU | +18.8% |
| 2002 | 2.29 billion current LCU | -2.4% |
| 2003 | 1.65 billion current LCU | -28.0% |
| 2004 | 1.47 billion current LCU | -11.0% |
| 2005 | 543.10 million current LCU | -63.0% |
| 2006 | 1.79 billion current LCU | +228.7% |
| 2007 | 2.15 billion current LCU | +20.5% |
| 2008 | 1.86 billion current LCU | -13.8% |
| 2009 | 984.20 million current LCU | -47.0% |
| 2010 | 2.07 billion current LCU | +110.3% |
| 2011 | 2.06 billion current LCU | -0.7% |
| 2012 | 2.00 billion current LCU | -2.7% |
| 2013 | 2.78 billion current LCU | +39.2% |
| 2014 | 3.67 billion current LCU | +31.9% |
| 2015 | 4.29 billion current LCU | +16.9% |
| 2016 | 5.05 billion current LCU | +17.7% |
| 2017 | 5.70 billion current LCU | +12.7% |
| 2018 | 5.73 billion current LCU | +0.6% |
| 2019 | 6.65 billion current LCU | +16.0% |
| 2020 | 5.76 billion current LCU | -13.5% |
| 2021 | 6.82 billion current LCU | +18.6% |
| 2022 | 8.24 billion current LCU | +20.7% |
| 2023 | 8.81 billion current LCU | +6.9% |
| 2024 | 8.81 billion current LCU | -0.0% |
Faroe Islands compared with similar countries
- Faroe Islands's 8.81 billion current LCU is below the median for high income countries, which is 134.59 billion current LCU, 7% of the median. (67 countries reporting)
- Faroe Islands's 8.81 billion current LCU is below the median for Europe & Central Asia, which is 106.87 billion current LCU, 8% of the median. (52 countries reporting)
Biggest year-on-year movements
Years where Gross domestic savings (current LCU) in Faroe Islands changed far more than this series normally does. A large move can be a real event or a change in how the figure was measured — the source note below says who published it.
| Year | Change | From | To |
|---|---|---|---|
| 2006 | +228.7% | 543.10 million current LCU | 1.79 billion current LCU |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 1.70 billion current LCU | 1.63 billion current LCU | 1.76 billion current LCU | 2 |
| 2000s | 1.71 billion current LCU | 543.10 million current LCU | 2.35 billion current LCU | 10 |
| 2010s | 4.00 billion current LCU | 2.00 billion current LCU | 6.65 billion current LCU | 10 |
| 2020s | 7.69 billion current LCU | 5.76 billion current LCU | 8.81 billion current LCU | 5 |
Countries ranked near Faroe Islands
More economy & growth data for Faroe Islands
- Households and NPISHs Final consumption expenditure (current US$) 2.82 % change on previous year (2024)
- General government final consumption expenditure (current LCU), per 142,484 current LCU per person (2024)
- Gross capital formation (current LCU), annual growth rate -7.66 % change on previous year (2024)
- Gross capital formation (current US$), per capita 20,895 current US$ per person (2024)
- Gross capital formation (current US$), per unit of GDP 0.2817 current US$ per US$ of GDP (2024)
- Exports of goods and services (current LCU), per capita 279,001 current LCU per person (2024)
- Households and NPISHs Final consumption expenditure (current US$) 0.4061 current US$ per US$ of GDP (2024)
- Exports of goods and services (current LCU), per unit of GDP 3.76 current LCU per US$ of GDP (2024)
- Gross capital formation (current LCU), per unit of GDP 1.94 current LCU per US$ of GDP (2024)
- Gross capital formation (current US$), annual growth rate -7.73 % change on previous year (2024)
Frequently asked questions
- What is gross domestic savings in Faroe Islands?
- Gross domestic savings in Faroe Islands was 8.81 billion current LCU in 2024, according to Country official statistics, National Statistical Organizations and/or Central Banks.
- What is the highest gross domestic savings recorded in Faroe Islands?
- The highest recorded value was 8.81 billion current LCU in 2023.
- What is the lowest gross domestic savings recorded in Faroe Islands?
- The lowest recorded value was 543.10 million current LCU in 2005.
- How does Faroe Islands rank for gross domestic savings?
- Faroe Islands ranks 136th out of 188 countries with data for 2024.
- Is gross domestic savings rising or falling in Faroe Islands?
- Over the last ten years it is up 140.0%. The long-run trend across the full record is volatile.
- Where does this Faroe Islands data come from?
- The figures come from Country official statistics, National Statistical Organizations and/or Central Banks, published as part of Gross domestic savings (current LCU). Statizoid updates them automatically from the source API.
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About this data
Gross domestic savings are calculated as GDP less final consumption expenditure (total consumption). This indicator is expressed in current prices, meaning no adjustment has been made to account for price changes over time. This series is expressed in local currency units.